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(Sharecast News) - Exploration and production firm EnQuest has agreed to acquire Harbour Energy's Vietnamese operations, which includes a 53.125% equity interest in the Chim So and Dua production fields.
EnQuest said on Wednesday that the transaction was scheduled to be completed during Q225, with a headline value of $84.0m and, net of interim period cash flows, said it was expected to pay roughly $35.0m for the business.
"This transaction aligns with the group's strategic aim to grow its international operating footprint by investing in fast-payback assets, with low capex and reduced carbon intensity," said the London-listed firm
Enquest will operate the Chim So and Dua fields from completion, deploying its "proven late life and FPSO asset management expertise" to maximise value and progress discovered resources into reserves. As of 1 January, net 2P reserves and 2C resources across the fields totalled 7.5m and 4.9m 5m barrels of oil, respectively.
As of 0920 GMT, Enquest shares were up 2.87% at 13.64p.
Reporting by Iain Gilbert at Sharecast.com
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